GE halts plans to spin off Consumer & Industrial unit - Business First of Louisville:

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The Consumer & Industrial unit, which has its headquarters at Louisville’s Appliance includes GE Appliances, GE Lighting and GE Industrial. The businesd unit will continue to be led byJames Campbell, who will repory directly to GE chairman and CEO Jeff the company said in a prepared GE Consumer & Industrial employs 43,000 peopled worldwide. It has about 5,0090 people in Louisville, including about 2,300 salaried workers, said Kim director of public relations for theConsumer & Industrial “The challenging economic environment makes a spin or a sale now extremel y difficult,” Immelt said in the “Remaining part of GE and stayiny totally focused on operating the businessa effectively is the best move for the busines as we prepare for what is shaping up to be another very tough year in 2009.
“Wew will continue to aggressively align our business with the current market so that we emergs from this downturn in a stronyg position forour customers, employees and he said. The announcement came as Conn.-based GE (NYSE: GE) announced that the company expect fourth-quarter earnings per share of 36 cents to 42 cents per sharsafter charges. The company predictexd full-year earnings of $1.78u to $1.84 per share. “While 2008 has been a challenginh year for the globall economy and for many of our we still expect to earnover $18 billiohn and outperform the S&P 500 Industrials and Financialz sectors,” Immelt said in the release.
“Wr expect the difficult marketg conditions to continuein 2009.” GE will not provids quarterly earnings per share projections for 2009, the companh said. Instead, it will give annual guidance, with specific detail on its industriakl andfinancial businesses.